MUMBAI: The Tata group may have moved a step closer toward finalising an imminent successor to current overall chairman Ratan Tata, by announcing the appointment of Noel Tata as non-executive chairman of Tata Investment Corp.
Tata Investment Corp approved the appointment of Noel Tata after its incumbent chairman N A Soonawala retired having attained the mandatory age limit of 75 years. The board also appointed FN Subedar as the non executive vice chairman of Tata Investment.
Noel Tata, who currently oversees the group’s retail venture, Trent, is widely seen as one of the successors to Ratan Tata. Ratan Tata is scheduled to retire in 2012. However, a liberal application of the conglomerate’s rules on the age cut-off may also allow Mr Tata, 73, to continue as chairman of the group, till a suitable successor is found.
Noel Tata is managing director of Trent which was set up by the group in 1998 to cash in on then growing potential of the retail sector. Trent operates lifestyle chain Westside, one of India’s largest and fastest growing chain of lifestyle retail stores, Star Bazaar, a hypermarket chain, Landmark, a books and music chain, and Fashion Yatra, a family fashion store.
Although Noel Tata comes from the same family – he is half-brother to Ratan Tata – the Mumbai-headquartered group has made it clear on different occasions that it is not compulsory for the new chairman to be a member of the family. In fact, Ratan Tata himself said that the top post could also go to an expatriate. “It would certainly be easier if that candidate were an Indian national. But now that 65% of our revenue comes from overseas, it could also be an expatriate
sitting in that position with justification now that we are a company that has global reach and global presence,” he had said in a media interaction in 2009.
Source - http://economictimes.indiatimes.com/news/news-by-company/corporate-announcement/Noel-winner-to-bag-Tata-top-slot/articleshow/6096444.cms
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